(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Exhibit Description | ||||||||||
99 | |||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
THE SHERWIN-WILLIAMS COMPANY | |||||||||||
April 26, 2022 | By: | /s/ Stephen J. Perisutti | |||||||||
Name: | Stephen J. Perisutti | ||||||||||
Title: | Vice President, Deputy General Counsel and Assistant Secretary |
Exhibit 99 | ||||||||||||||||||||
NEWS | ||||||||||||||||||||
The Sherwin-Williams Company | • | 101 W. Prospect Avenue | • | Cleveland, Ohio 44115 | • | (216) 566-2000 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Net sales | $ | 4,998.7 | $ | 4,656.0 | $ | 342.7 | 7.4 | % | |||||||||||||||
Income before income taxes | $ | 461.1 | $ | 509.0 | $ | (47.9) | (9.4) | % | |||||||||||||||
As a % of sales | 9.2% | 10.9% | |||||||||||||||||||||
Net income per share - diluted | $ | 1.41 | $ | 1.51 | $ | (0.10) | (6.6) | % | |||||||||||||||
Adjusted net income per share - diluted | $ | 1.61 | $ | 2.06 | $ | (0.45) | (21.8) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Net sales | $ | 2,644.1 | $ | 2,503.1 | $ | 141.0 | 5.6 | % | |||||||||||||||
Same-store sales (1) | 3.8% | 8.2% | |||||||||||||||||||||
Segment profit | $ | 445.4 | $ | 480.0 | $ | (34.6) | (7.2) | % | |||||||||||||||
Reported segment margin | 16.8% | 19.2% |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Net sales | $ | 699.4 | $ | 778.1 | $ | (78.7) | (10.1) | % | |||||||||||||||
Segment profit | $ | 64.9 | $ | 143.7 | $ | (78.8) | (54.8) | % | |||||||||||||||
Reported segment margin | 9.3% | 18.5% | |||||||||||||||||||||
Adjusted segment profit (1) | $ | 84.3 | $ | 166.5 | $ | (82.2) | (49.4) | % | |||||||||||||||
Adjusted segment margin | 12.1% | 21.4% |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Net sales | $ | 1,654.1 | $ | 1,374.3 | $ | 279.8 | 20.4 | % | |||||||||||||||
Segment profit | $ | 144.5 | $ | 143.8 | $ | 0.7 | 0.5 | % | |||||||||||||||
Reported segment margin | 8.7% | 10.5% | |||||||||||||||||||||
Adjusted segment profit (1) | $ | 195.1 | $ | 196.7 | $ | (1.6) | (0.8) | % | |||||||||||||||
Adjusted segment margin | 11.8% | 14.3% |
Second Quarter | Full Year | ||||||||||||||||
2022 | 2022 | ||||||||||||||||
Net sales | Up low-double digit to mid-teens % | Up high-single digit to low-double digit % | |||||||||||||||
Effective tax rate | Low twenty percent | ||||||||||||||||
Diluted net income per share | $8.40 | - | $8.80 | ||||||||||||||
Adjusted diluted net income per share (1) | $9.25 | - | $9.65 |
Year Ended | |||||||||||||||||||||||
Three Months Ended | December 31, 2022 | ||||||||||||||||||||||
March 31, 2022 | (after-tax guidance) | ||||||||||||||||||||||
Pre-Tax | Tax Effect (1) | After-Tax | Low | High | |||||||||||||||||||
Diluted net income per share | $ | 1.41 | $ | 8.40 | $ | 8.80 | |||||||||||||||||
Acquisition-related amortization expense (2) | $ | .27 | $ | .07 | .20 | .85 | .85 | ||||||||||||||||
Adjusted diluted net income per share | $ | 1.61 | $ | 9.25 | $ | 9.65 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
March 31, 2021 | December 31, 2021 | ||||||||||||||||||||||
Pre-Tax | Tax Effect (1) | After-Tax | Pre-Tax | Tax Effect (1) | After-Tax | ||||||||||||||||||
Diluted net income per share | $ | 1.51 | $ | 6.98 | |||||||||||||||||||
Loss on divestiture | $ | .41 | $ | .07 | .34 | $ | .41 | $ | .07 | .34 | |||||||||||||
Acquisition-related amortization expense (2) | .28 | .07 | .21 | 1.10 | .27 | .83 | |||||||||||||||||
Adjusted diluted net income per share | $ | 2.06 | $ | 8.15 |
(millions of dollars) | |||||||||||||||||||||||
Three Months | Three Months | ||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | $ Change | % Change | ||||||||||||||||||||
Net income | $ | 370.8 | $ | 409.6 | $ | (38.8) | (9.5)% | ||||||||||||||||
Interest expense | 88.4 | 83.2 | 5.2 | 6.3% | |||||||||||||||||||
Income taxes | 90.3 | 99.4 | (9.1) | (9.2)% | |||||||||||||||||||
Depreciation | 65.5 | 65.4 | 0.1 | 0.2% | |||||||||||||||||||
Amortization | 78.0 | 79.2 | (1.2) | (1.5)% | |||||||||||||||||||
EBITDA | $ | 693.0 | $ | 736.8 | $ | (43.8) | (5.9)% | ||||||||||||||||
Loss on divestiture | 111.9 | (111.9) | (100.0)% | ||||||||||||||||||||
Adjusted EBITDA | $ | 693.0 | $ | 848.7 | $ | (155.7) | (18.3)% | ||||||||||||||||
The Sherwin-Williams Company and Subsidiaries | |||||||||||
Statements of Consolidated Income (Unaudited) | |||||||||||
(millions of dollars, except per share data) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net sales | $ | 4,998.7 | $ | 4,656.0 | |||||||
Cost of goods sold | 2,945.8 | 2,544.0 | |||||||||
Gross profit | 2,052.9 | 2,112.0 | |||||||||
Percent to net sales | 41.1 | % | 45.4 | % | |||||||
Selling, general and administrative expenses | 1,407.5 | 1,325.9 | |||||||||
Percent to net sales | 28.2 | % | 28.5 | % | |||||||
Other general expense - net | 2.5 | 117.5 | |||||||||
Amortization | 78.0 | 79.2 | |||||||||
Interest expense | 88.4 | 83.2 | |||||||||
Interest income | (0.9) | (0.6) | |||||||||
Other expense (income) - net | 16.3 | (2.2) | |||||||||
Income before income taxes | 461.1 | 509.0 | |||||||||
Income taxes | 90.3 | 99.4 | |||||||||
Net income | $ | 370.8 | $ | 409.6 | |||||||
Net income per common share: | |||||||||||
Basic | $ | 1.43 | $ | 1.54 | |||||||
Diluted | $ | 1.41 | $ | 1.51 | |||||||
Weighted average shares outstanding: | |||||||||||
Basic | 258.8 | 265.8 | |||||||||
Diluted | 263.1 | 270.6 |
The Sherwin-Williams Company and Subsidiaries | |||||||||||||||||||||||
Business Segments (Unaudited) | |||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net | Segment | Net | Segment | ||||||||||||||||||||
External | Profit | External | Profit | ||||||||||||||||||||
Sales | (Loss) | Sales | (Loss) | ||||||||||||||||||||
Three Months Ended March 31: | |||||||||||||||||||||||
The Americas Group | $ | 2,644.1 | $ | 445.4 | $ | 2,503.1 | $ | 480.0 | |||||||||||||||
Consumer Brands Group | 699.4 | 64.9 | 778.1 | 143.7 | |||||||||||||||||||
Performance Coatings Group | 1,654.1 | 144.5 | 1,374.3 | 143.8 | |||||||||||||||||||
Administrative | 1.1 | (193.7) | 0.5 | (258.5) | |||||||||||||||||||
Consolidated totals | $ | 4,998.7 | $ | 461.1 | $ | 4,656.0 | $ | 509.0 | |||||||||||||||
The Sherwin-Williams Company and Subsidiaries | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(millions of dollars) | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 401.1 | $ | 314.7 | |||||||
Accounts receivable, net | 2,783.6 | 2,414.1 | |||||||||
Inventories | 2,328.6 | 1,847.3 | |||||||||
Other current assets | 573.1 | 533.5 | |||||||||
Total current assets | 6,086.4 | 5,109.6 | |||||||||
Property, plant and equipment, net | 1,907.3 | 1,780.4 | |||||||||
Goodwill | 7,058.8 | 7,011.3 | |||||||||
Intangible assets | 4,004.0 | 4,210.0 | |||||||||
Operating lease right-of-use assets | 1,837.9 | 1,728.8 | |||||||||
Other assets | 836.0 | 594.9 | |||||||||
Total assets | $ | 21,730.4 | $ | 20,435.0 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | 1,739.7 | $ | 818.1 | |||||||
Accounts payable | 2,860.8 | 2,217.0 | |||||||||
Compensation and taxes withheld | 572.3 | 551.2 | |||||||||
Accrued taxes | 178.2 | 282.6 | |||||||||
Current portion of long-term debt | 260.7 | 428.5 | |||||||||
Current portion of operating lease liabilities | 416.0 | 385.8 | |||||||||
Other accruals | 925.4 | 968.4 | |||||||||
Total current liabilities | 6,953.1 | 5,651.6 | |||||||||
Long-term debt | 8,592.3 | 7,862.4 | |||||||||
Postretirement benefits other than pensions | 258.4 | 274.3 | |||||||||
Deferred income taxes | 760.2 | 797.8 | |||||||||
Long-term operating lease liabilities | 1,481.2 | 1,402.9 | |||||||||
Other long-term liabilities | 1,450.9 | 1,367.3 | |||||||||
Shareholders’ equity | 2,234.3 | 3,078.7 | |||||||||
Total liabilities and shareholders’ equity | $ | 21,730.4 | $ | 20,435.0 |
The Sherwin-Williams Company and Subsidiaries | |||||||||||
Selected Information (Unaudited) | |||||||||||
(millions of dollars, except store count data) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Depreciation | $ | 65.5 | $ | 65.4 | |||||||
Capital expenditures | 106.3 | 64.3 | |||||||||
Cash dividends | 150.9 | 151.8 | |||||||||
Amortization of intangibles | 78.0 | 79.2 | |||||||||
Significant components of Other general expense - net: | |||||||||||
Provision for environmental related matters - net | $ | 0.6 | $ | 2.5 | |||||||
Loss on divestiture of business | — | 111.9 | |||||||||
Loss on sale or disposition of assets | 1.9 | 3.1 | |||||||||
Significant components of Other expense (income) - net: | |||||||||||
Investment losses (gains) | $ | 6.7 | $ | (6.5) | |||||||
Net expense from banking activities | 2.9 | 2.6 | |||||||||
Foreign currency transaction related losses | 4.1 | 2.5 | |||||||||
Other (1) | 2.6 | (0.8) | |||||||||
Store Count Data: | |||||||||||
The Americas Group - net new stores | 4 | 11 | |||||||||
The Americas Group - total stores | 4,863 | 4,785 | |||||||||
Performance Coatings Group - net new branches | — | (1) | |||||||||
Performance Coatings Group - total branches | 282 | 281 | |||||||||
(1) Consists of items of revenue, gains, expenses and losses unrelated to the primary business purpose of the Company. |
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Cover |
Apr. 26, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 26, 2022 |
Entity Registrant Name | The Sherwin-Williams Company |
Entity Incorporation, State or Country Code | OH |
Entity File Number | 1-04851 |
Entity Tax Identification Number | 34-0526850 |
Entity Address, Address Line One | 101 West Prospect Avenue |
Entity Address, City or Town | Cleveland, |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 44115-1075 |
City Area Code | 216 |
Local Phone Number | 566-2000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.33-1/3 per share |
Trading Symbol | SHW |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000089800 |
Amendment Flag | false |
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